Updata Partners Completes Final Close on $223M Fund IV
Firm Enters 10th Year With Over $400M Under Management; Continues Investment Focus on Growth Stage Companies
Reston, VA – November 15, 2007 -- Updata Partners, a leading, growth stage venture capital firm investing in the information technology industry, announced today the final close of its fourth fund, Updata Partners IV L.P., at $223,218,830. With over-subscribed commitments on the fund’s $200 million objective, the firm will continue its focus on investing in rapidly growing, market-leading software and software-enabled technology companies.
Updata Partners has invested over $170 million in more than 40 companies since the firm’s inception in 1998. The closing of Fund IV brings Updata Partners’ total funds under management to well in excess of $400 million. Coincident with the funding, Updata Partners also announced the promotion of Rich Erickson to General Partner and Carter Griffin to Partner.
Updata is highly active in its portfolio companies, leveraging the partners’ significant operating experience in the IT industry. Investments will be focused in companies with:
- strong barriers to entry such as core intellectual property, deep domain knowledge and/or significant market share;
- innovative technology and participation in high-potential markets;
- market acceptance demonstrated by established revenue or business momentum;
- an economically appealing business model with potential for strongly expanding gross margins; and,
- strong, entrepreneurial management open to constructive investor involvement.
“We are very enthusiastic about market conditions and opportunities in our target sectors over the next several years,” said John Burton, Managing General Partner at Updata Partners. “We are also appreciative of the ongoing support from both our prior and select new limited partners.”
About Updata Partners
Based in Reston, Virginia and Edison, New Jersey, Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, Updata Partners seek investments where the combination of our financial backing and operating expertise will accelerate growth. With nearly $500 million under management, the firm also selectively provides recapitalization and management buyout financing. For more information, visit www.updatapartners.com.
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